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Bausch+Lomb to acquire Ista Pharmaceuticals
March 26th, 2012
MADISON, N.J., and IRVINE, Calif. – Bausch+Lomb has unveiled a $500 million deal to acquire Ista Pharmaceuticals Inc., a maker of branded prescription drugs for eye care.
Bausch+Lomb said Monday that the transaction, which has been unanimously approved by the boards of both companies, is slated to close in the second quarter.
The company noted that Ista, the third-largest branded prescription eye care business in the United States, will bring its portfolio of nonsteroidal, anti-inflammatory, allergy, glaucoma and spreading agents to Bausch+Lomb's lineup of prescription ophthalmology and over-the-counter eye health products.
"ISTA is an excellent strategic fit with Bausch+Lomb's rapidly growing pharmaceutical business, and this combination represents an important step in Bausch+Lomb's commitment to becoming the best global eye health company," stated Brent Saunders, president and chief executive officer of Bausch+Lomb.
"Because Bausch+Lomb already manufactures nearly all of Ista's current U.S. products, our companies have known each other well for many years. We share a strong overlapping customer base in the U.S., a commitment to serving our physicians and patients and a track record of developing meaningful medical advances in eye health," Saunders added. "With this combination, we will significantly enhance our pharmaceutical pipeline, nearly doubling the number of mid- to late-stage innovations. We look forward to delivering the benefits of this combination to customers, patients, employees and partners of both companies."
Bausch+Lomb noted that Ista's pipeline includes candidates in various stages of development to treat such ocular conditions as inflammation and pain, while Bausch+Lomb's pipeline of pharmaceutical innovations includes the first of a new class of ocular anti-inflammatory agents to come along in decades and a promising approach to reducing intra-ocular pressure in patients with open-angle glaucoma or ocular hypertension.
"I am pleased that the tremendous assets Ista's people have created with our products and pipeline have been recognized by Bausch+Lomb, a global leader in eye health, and that we were able to finalize a transaction after a thorough process that delivers shareholders an important return on their investment in ISTA," commented Vicente Anido, president and CEO of Ista Pharmaceuticals. "Both companies have a significant commitment to serving the needs of the health care industry, eye care professionals and patients alike. Ista's portfolio of prescription eye and allergy products is a natural extension of Bausch+Lomb's pharmaceutical business focus. Together, we create an impressive platform to commercialize new eye care and allergy products already under development."